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On Feb. 6, 2009,
reported that its Q4 FY08 earnings plunged 87.3%, as the year-ago quarter recorded a $149.40 million after-tax gain from the sale of Teco Transport. Net income decreased to $22.00 million or $0.10 per share from $173.90 million or $0.83 per share a year ago. Excluding one-time items, TE earned $42.30 million compared to $47.70 million in Q4 FY07. The latest quarterly consensus estimate was $0.17 per share.
Total revenue slipped 10.3% to $770.30 million from $858.30 million a year ago. Regulated electric and gas revenue fell 6.1% to $625.90 million; while unregulated revenue dropped 24.8% to $144.40 million.
Segment-wise, Tampa Electric revenue dived 8.2% to $481.80 million, on lower retail energy sales, reduced average number of customers and the weakening Florida economy. Furthermore, TECO Coal's revenue plummeted 3.9% to $142.10 million, hurt by lower volumes and productivity. However, Peoples Gas revenue surged 1.9% to $144.50 million, fuelled by increased volumes for residential and small commercial customers, along with higher volumes transported for industrial customers. Moreover, TECO Guatemala revenue increased to $2.30 million from $2.10 million in Q4 FY07.
Reviewing its operational metrics, total electrical sales of Tampa Electric declined 4.1% to 4.74 million Kilowatt-hours (kWh), while its average number of customers dropped 0.3% to 666,343 million. Total gas sales in Peoples Gas segment fell 11.1% to 307,818 therms.
TECO Energy declared a quarterly dividend of $0.20 per share, payable on February 27, 2009.
For FY08, TE's net income plunged to $162.40 million or $0.77 per share from $413.20 million or $1.97 per share, while revenues declined to $3.38 billion from $3.54 billion in FY07.
Looking forward to FY09, TE expects net income to increase over FY08 levels on higher contract selling prices, while it anticipates sales to range between 9.80 and 10.30 million tons.
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